US Natural Gas Futures

US Natural Gas Futures

US Natural Gas Futures

US Natural Gas Futures

US natural gas futures were trading above the $8/MMBtu mark, not far from an almost 14-year peak of $9 hit earlier in May, with higher domestic and international demand being the primary driver. Russia's war on Ukraine has caused a global energy crunch, with demand for US LNG set to remain elevated partly due to Europe's calls for US exports to help cut reliance on Russian gas.The first resistance to be tested is $9.01 and first support on a decline is $8.65 Level.

The dollar index bounced back above 102.2 on Tuesday after sliding to a near one-month low in the previous session, amid a general risk-off mood in the markets, highlighted by a decline in global equities and risk currencies. US stock futures fell early on Tuesday after social media firm Snap warned of a hit to its top and bottom-line figures amid deteriorating macroeconomic trends. Meanwhile, having peaked at a nearly two-decade high above 105 earlier this month, the dollar has been falling broadly alongside a decline in Treasury yields, with aggressive easing by the Federal Reserve already priced in. Recent weakness in US economic data and corporate earnings, coupled with positive signs for the global economy such as Shanghai’s planned reopening and US President Joe Biden’s comments this week towards a possible easing of the trade war with China, also drove investors out of the dollar.

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